QCR Holdings (QCRH) in Moline, Ill., has agreed to sell two branches to Clear Lake Bank & Trust in Iowa.

Clear Lake will buy the branches — located in Mason City, Iowa — along with $62 million in deposits and $26 million in loans. QCR, which has $2.1 billion in assets, did not disclose the price. The deal is expected to close in the fourth quarter.

Clear Lake has $273 million in assets.

The banks have maintained a correspondent banking relationship for years, Douglas Hultquist, QCR's president and chief executive, said in a press release Tuesday. "It was this existing relationship that led to a mutually beneficial agreement."

QCR agreed to buy Community National Bancorp in Waterloo, Iowa, earlier this year. The company also agreed in February to sell its credit card business to Fifth Third Bancorp (FITB).

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